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Navigate the new world of accounting change

Navigate the new world of accounting change

Related content

The International Accounting Standards Board’s (IASB) forthcoming insurance contracts standard, IFRS 17 (formerly often known as IFRS 4 Phase 2), is expected to significantly affect the profit emergence pattern of insurance products, introduce volatility into some entities’ profit or loss or other comprehensive income, and impact funds available for shareholder and policyholder dividends.

Additionally, key metrics such as written and earned premiums have been replaced and new metrics introduced, for example insurance contract revenue and insurance finance income expense. These changes will completely alter the look and feel of reported results and how performance is reported internally, including the metrics used to steer the business.

To help you navigate through the changes, KPMG International is pleased to host a series of webcasts. In this session – preparing to report under IFRS 17 – we will share practical examples of how reported profitability will be affected by IFRS 17 including showing how profit profiles will change and how volatile market conditions can impact reported profits. In addition, we will explore the impact of the variable fee approach and how this works in practice. We will also share some of the lessons that we have learned from other programs of finance and actuarial change and transformation to help insurers shape their implementation plans.

Join us to:

learn how IFRS 17 has the potential to affect reported results

better understand the variable fee approach

build on our experience to help develop your plans for implementation.

As investors and regulators strive for ever-accelerated reporting timetables, insurers will want to streamline processes and ensure clear, concise communication to shareholders, investors and other key stakeholders. KPMG’s approach is distinctive, recognizing that this is more than just a technical accounting and actuarial issue.

We are at your disposal to discuss any questions you might have in this process to help you get ready for IFRS 17.